American Bankers Insurance Company of Florida Car Insurance Review & Ratings (2024)

What You Should Know About American Bankers Insurance Company of Florida

If you’re looking for insurance products from American Bankers Insurance Company of Florida, you may notice that the company is difficult to find online. This is because American Bankers Insurance Co. of Florida operates under the Assurant name. As Assurant, the company offers different types of insurance, like renters insurance, supplementary homeowners insurance, mobile device coverage, and more. 

Assurant has an A- (Excellent) financial strength rating with A.M. Best and an A+ rating with the Better Business Bureau (BBB). Still, the company has more customer complaints than you might expect for a company of its size. Many of the complaints focus on the lack of quality customer service and the company’s negligent claims handling policies.

As you shop for insurance, you should find and compare quotes for the coverage you need. As you compare quotes from Assurant and other insurance companies, you’ll learn which insurance company offers the type of insurance coverage you need at a price that works with your budget.

American Bankers Insurance Company of Florida Insurance Coverage Options

Finding different types of insurance coverage with different companies can be annoying. Fortunately, Assurant provides its clients with several different insurance products to help them meet their insurance needs in one place.

Some of Assurant’s most popular insurance products include:

• Mobile device protection and support
• Multifamily housing solutions
• Vehicle protection
• Home appliances and electronics
• Financial protection
• Tools, furniture, and jewelry
• Travel
• Flood solutions

If any of these products interest you, you may want to learn more about Assurant’s approach to coverage and what you can expect from the company.

What does an Assurant renters policy cover?

Assurant renters insurance covers a lot of scenarios, including:

• Fire 
• Lightning
• Windstorms and hail
• Explosions
• Smoke
• Vandalism and theft
• Burst pipes

In addition to the coverage listed above, Assurant allows customers to add supplemental coverage options to any policy. Some of the supplemental coverages include:

• Replacement cost coverage: With this insurance, Assurant will pay for the full cost of replacing a certain item without factoring in any depreciation.
• Sewer backup insurance: Sewer backup covers damage to your personal items after a pipe is clogged or broken and causes overflow.
• Pet damage: Pet damage coverage pays to repair or replace furniture and other items if your pets damage them with clawing, biting, scratching, or otherwise ruining it.
• Unemployment insurance: If you’re unemployed for one month or longer, Assurant unemployment coverage will help you pay your landlord.
• Identity fraud coverage: Assurant covers any costs associated with identity theft, like fraudulent credit card bills.
• Earthquake coverage: If an earthquake causes damage to your items or property, Assurant will pay to repair or replace them.

Not many companies offer unemployment or other add-on coverage options for a renters insurance policy. Because of this, Assurant may be a good fit for certain individuals and their unique living situations.

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American Bankers Insurance Company of Florida Insurance Rates Breakdown

If you purchase $10,000 in coverage with Assurant, it will cost around $214 annually or $18 each month, while coverage with State Farm is around $115 annually or $10 each month. The same is true for higher levels of coverage. As a result, Assurant renters insurance consistently costs more than renters coverage with another insurance company. 

American Bankers Insurance Company of Florida Discounts Available

Assurant offers a few discount options to businesses and individual clients. Some of the company’s most popular discounts include:

• Elevated homes discount: If your home is located in a flood zone and is elevated on concrete pillars, you may be eligible for the elevated homes discount.
• Shore home stilts discount: If you live along the shore of a body of water and elevate your home on stilts, you could get a discount on flood insurance.
• Damage specs discount: If you live in a home built specifically to withstand wind and wave damage, you could get a damage specs discount for flood coverage.
• Annual premium discount: Companies and individuals may qualify for an annual premium discount if they pay for their insurance in full rather than breaking payments up throughout the year.
• Bundling discount: If you purchase more than one insurance product with Assurant, you may qualify for a bundling discount.

Find the best ways to get the cheapest car insurance quotes.

How American Bankers Insurance Company of Florida Ranks Among Providers

American Bankers Insurance Company of Florida, operating under the Assurant umbrella, holds a notable position among insurance providers, particularly excelling in specialty homeowners insurance. American Bankers Insurance Company of Florida’s Standing Among Providers:

• Specialty Focus: Excels in specialty homeowners insurance, with a focus on niche coverage.
• Established Legacy: With a founding year in 1947, it brings decades of industry experience to the table.
• Financial Strength: Holds an A (Excellent) financial strength rating from A.M. Best, signifying stability.
• Affiliation with Assurant: As a subsidiary of Assurant, it benefits from association with a Fortune 500 company.
• Niche vs. Broad Spectrum: While strong in its specialty, it is comparatively narrower in product offerings than Assurant, which provides a diverse range of insurances.
• Mixed Customer Reviews: Faces challenges similar to Assurant, with mixed feedback on customer service and claims handling.
• Targeted Coverage: Particularly suitable for those seeking specialized homeowners insurance solutions.
• Competitive Choice: Within its niche, offers a competitive option for consumers seeking specific coverage types.

As consumers weigh their options, the distinct strengths and areas of focus for American Bankers Insurance Company of Florida become evident, presenting a competitive choice within the realm of specialty homeowners insurance providers.

What’s Assurant’s customer service like? 

When it comes to customer service, Assurant leaves a lot to be desired. The company receives many customer complaints, and many past and present policyholders state that Assurant customer service standards are far too low. 

The company does offer the following perks in terms of customer service:

• 24/7 claims by phone or online
• Expansive Assurant phone directories available

According to the Assurant website, some customer service hotlines have restrictions and are only available from 8 a.m. to 8 p.m.

What’s wrong with Assurant’s customer service? 

Assurant tends to have a bad reputation for customer service. Many of the company’s policyholders complain about the company’s lack of careful consideration, and some state the company actively avoids their claims and takes too long to provide information or financial assistance when necessary.

Is Assurant renters insurance good?

The cost of an Assurant renters insurance policy is often steep. Still, coverage may be a good idea for certain customers. 

Assurant often offers low deductible options for people who would rather pay more in monthly or annual fees and save money if they ever need to file a claim. Additionally, Assurant provides better coverage for pet owners, especially concerning certain dog breeds. If you need renters insurance for pet owners, speak with an Assurant representative to learn more about your options. 

You can read more about what renters insurance covers here.

The Disparity in Assurant Customer Reviews

According to some customers, Assurant reviews online are not accurate. While you can read plenty of positive reviews on the Assurant Insurance website or the BBB Assurant profile, the customer complaints tell a different story.

Additionally, while Assurant seems to reply to customers’ complaints and seek resolution, the company asks BBB to hide its responses rather than make them public, so it’s difficult to know exactly what’s happening behind the scenes.

While Assurant is a well-known company with an excellent reputation and solid financial strength, its positive customer reviews should not be enough to sway you before considering the multitude of online customer complaints.

If you’re considering Assurant for your personal renters insurance or flood insurance needs, consider other companies. You can compare quotes and coverage options from other insurance companies to determine which offers the coverage you want at a price that works best for you and your family. 

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